Large brokerage firms that are part of bank holding companies could be forced to review their compensation arrangements for brokers and advisers as a result of a new pay proposal introduced Thursday by the Federal Reserve Board.

Outrage over the lavish compensation that Wall Street has awarded itself for doing a crummy job is likely to increase the focus and burdens on the people who set and monitor how pay is doled out: corporate directors.
The financial crisis has prompted demands by shareholders and politicians to rein in out-of-control pay, especially when it spurs bankers and traders to take too much risk.